Prime Minister S.Batbold: Contract – mining arrangements are quite widely used I Australia and USA

Feb 8 • Business, Economy, State Affairs • 703 Views • No Comments on Prime Minister S.Batbold: Contract – mining arrangements are quite widely used I Australia and USA

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During the press conference of the Mongolian Economic Forum, media representatives made few questions about forum and other related issues. Officials answered as follows:

Q: Oyu Tolgoi Investment Agreement was signed. But the feasibility study is not completed and reserve is not clearly stated?

Minister for MRE, D.Zorigt: Oyu Tolgoi reserve is approved. It was announced during the investment agreement. It is misleading information. Within 150 days or until April 6 2010, after the signature of the Investment Agreement, Feasibility Study will be discussed. If one reads the agreement, it was clearly stated.

Q: What will be your explanation on your attendance at the ceremony of marking % years of successful trading of Ivanhoe Mines at NYSE? People say it was promoting Ivanhoe Mines.

Minister for Finance S.Bayartsogt: Thanks to Oyu Tolgoi, Mongolia unlocks its development gateway. I believe that a Mongolian ringing bell at NYSE is promotion for Mongolia than Ivanhoe Mines. Over 120 million people, who are active in capital market, business and economy, are watching morning trade opening ceremony. Therefore, it was purely promotion for Mongolia. I don’t want to argue much more because many Mongolians have poor knowledge of stock market.

Q: -Some people couldn’t have access to the Forum. They were complaining about limited accessibility of the Forum. Some people have left the Government House with disappointment.

Prime Minister S.Batbold: I think such political viewpoints are good for the organizers. The main goal of the forum is to openly discuss about economy in main six categories. It can’t be justified leaving the forum when to discuss. I don’t blame some of the negative comments in relationship with the space availability and budget. It is good to attract people’s attention on certain issue.

Q: You said that Tavan Tolgoi will be 100% under the state control and ownership. Can you give us more detailed information?

Prime Minister S.Batbold: We are carefully considering value added production such as the industrial complex of steel and cocking coal processing factory at Tavan Tolgoi deposit. It is not simply our fantasy. Contract – mining arrangements are quite widely used I Australia and USA. We suggested considering this arrangement for the bidders. Other options and alternatives are stll open for discussion. The Government is focused on developing side businesses also.

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